Olympic gold success brings $9000 tax bill

KARACHI: When Olympic medalists will return to United States they will have to pay heavy taxes.

According to media sources, all the medalists will pay taxes for standing on the podium in London Olympics. The tax bill on gold is $8,986; silver is $5,385 and bronze is $3,500.

The tax is not on the medal itself, it's the tax on the prize money that comes with a gold, silver or bronze.

Sources said that “The United States Olympic Committee” reward Olympic medalists with $25,000 to a gold medalist, $15,000 to a silver medalist and $10,000 to a bronze medalist.

Swimmer Missy Franklin, an amateur who has yet to cash in on her fame with endorsements, already owes $14,000 in taxes from her gold and silver medal. By the time the Games will be finished, Franklin's tax bill could reach $30,000, added by a source.